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Perspecta Stockholders Approve Acquisition by Veritas Capital

Perspecta Inc. (PRNewsfoto/Perspecta Inc.)

News provided by

Perspecta Inc.

May 05, 2021, 16:15 ET

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CHANTILLY, Va., May 5, 2021 /PRNewswire/ -- Perspecta Inc. (NYSE: PRSP) ("Perspecta" or the "Company") today announced that, at a special meeting of stockholders held on May 5, 2021, the stockholders of the Company approved a proposal to adopt the merger agreement under which Peraton, a portfolio company of leading private investment firm Veritas Capital, will acquire the Company for $29.35 per share in cash.

The majority of shares of the Company's common stock issued and outstanding as of the close of business on March 18, 2021, the record date for the Special Meeting, voted to adopt the Merger Agreement.  Perspecta will provide final vote results for the special meeting, as certified by the independent Inspector of Election, on a Form 8-K with the Securities and Exchange Commission.

The proposed transaction is expected to close in the coming days.

About Perspecta Inc.

At Perspecta (NYSE: PRSP), we question, we seek and we solve. Perspecta brings a diverse set of capabilities to our U.S. government customers in defense, intelligence, civilian, health care and state and local markets. Our 280+ issued, licensed and pending patents are more than just pieces of paper, they tell the story of our innovation. With offerings in mission services, digital transformation and enterprise operations, our team of nearly 14,000 engineers, analysts, investigators and architects work tirelessly to not only execute the mission, but build and support the backbone that enables it. Perspecta was formed to take on big challenges. We are an engine for growth and success and we enable our customers to build a better nation. For more information about Perspecta, visit perspecta.com.

Forward-Looking Statements

All statements and assumptions in this communication that do not directly and exclusively relate to historical facts could be deemed "forward-looking statements." Forward-looking statements are often identified by the use of words such as "anticipates," "believes," "estimates," "expects," "may," "could," "should," "forecast," "goal," "intends," "objective," "plans," "projects," "strategy," "target" and "will" and similar words and terms or variations of such. These statements represent current intentions, expectations, beliefs or projections, and no assurance can be given that the results described in such statements will be achieved. Forward-looking statements include, among other things, statements about the expected timing of completion of the proposed transaction, as well as any assumptions underlying any of the foregoing. Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of the Company's control. Important factors that could cause actual results to differ materially from those described in forward-looking statements include, but are not limited to, (i) uncertainties as to the timing of the proposed transaction; (ii) the risk that the proposed transaction may not be completed in a timely manner or at all; (iii) the possibility that competing offers or acquisition proposals for the Company will be made; (iv) the possibility that any or all of the various conditions to the consummation of the proposed transaction may not be satisfied or waived; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances that would require the Company to pay a termination fee or other expenses; (vi) the effect of the pendency of the proposed transaction on the Company's ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, its business generally or its stock price; (vii) risks related to diverting management's attention from the Company's ongoing business operations; (viii) the risk that stockholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability; (ix) various risks related to health epidemics, pandemics and similar outbreaks, such as the COVID-19 pandemic, which may have material adverse effects on the Company's business, financial position, results of operations and/or cash flows; (x) any issue that compromises the Company's relationships with the U.S. federal government, or any state or local governments, or damages the Company's professional reputation; (xi) changes in the U.S. federal, state and local governments' spending and mission priorities that shift expenditures away from agencies or programs that the Company supports; (xii) any delay in completion of the U.S. federal government's budget process; (xiii) failure to comply with numerous laws, regulations and rules, including regarding procurement, anti-bribery and organizational conflicts of interest; (xiv) failure by the Company or its employees to obtain and maintain necessary security clearances or certifications; (xv) the Company's ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors' protests of major contract awards received by the Company; (xvi) the Company's ability to accurately estimate or otherwise recover expenses, time and resources for its contracts; (xvii) problems or delays in the development, delivery and transition of new products and services or the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; (xviii) failure of third parties to deliver on commitments under contracts with the Company; (xix) misconduct or other improper activities from the Company's employees or subcontractors; (xx) delays, terminations, or cancellations of the Company's major contract awards, including as a result of its competitors protesting such awards; (xxi) failure of the Company's internal control over financial reporting to detect fraud or other issues; (xxii) failure or disruptions to the Company's systems, due to cyber-attack, service interruptions or other security threats; (xxiii) failure to be awarded task orders under the Company's indefinite delivery/indefinite quantity contracts; (xxiv) changes in government procurement, contract or other practices or the adoption by the government of new laws, rules and regulations in a manner adverse to the Company; (xxv) uncertainty from the expected discontinuance of the London Interbank Offered Rate and transition to any other interest rate benchmark; and (xxvi) other factors as set forth from time to time in the Company's filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended March 31, 2020, as may be updated or supplemented by any subsequent Quarterly Reports on Form 10-Q or other filings with the SEC. Readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. The Company does not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events except as required by law.

SOURCE Perspecta Inc.

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